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Who caused this economic crisis?

Written by Benaiah on September 30th, 2008

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13 Comments so far ↓

  1. Sep
    30
    9:02
    PM
    YellowJacket

    Very, very good video. It moved a bit too fast but I understand that at 10 minutes it’s already too long for many people to watch.

  2. Sep
    30
    10:05
    PM
    DavidShiffman

    It accuses congressional Democrats in 1995 of adding changes to the Community Reinvestment Act. Who was in charge of congress in 1995?

  3. Oct
    1
    8:55
    AM
    Mike

    Actually Bill Clinton added it, not the Democrats in congress but it is true that the Republicans voted on it or it wouldn’t have passed. I imagine that this was a case of bipartisanship that is so fetishized these days. If the GOP voted for this, then Clinton wouldn’t veto lower taxes.

  4. Oct
    1
    9:13
    AM
    DavidShiffman

    “it is true that the Republicans voted on it or it wouldn’t have passed”

    So what you’re saying is that both parties are responsible for this mess, not just the Democrats.

  5. Oct
    1
    9:57
    AM
    Benaiah

    Actually the changes were enacted by Clinton in 1993 with a Democratically controlled Congress but did not go into effect until Jan. 31st, 2005. So no the Republicans did not vote for it.

  6. Oct
    1
    10:03
    AM
    Mike

    I have ALWAYS said that! Hell look who is in the White House, look who appointed Ben Bernake and re-appointed Greenspan, look at the party that allowed spending to explode since 2000, which party did nothing to stop this problem when it was in its infancy and look at the RINOs who are leading the charge on this bailout now.

    That being said, the Democrats are even more socialist than the RINOs who led us down this path, they are just as responsible if not more so, the only thing that saves them in some small way is the fact that they weren’t in power for the bulk of the lead-up towards the crisis. Though if they had been in power their proposed policies would have made it even worse. Since coming to power in 06 the Democrats have done nothing but exacerbate the issue.

  7. Oct
    1
    10:08
    AM
    Mike

    “Actually the changes were enacted by Clinton in 1993 with a Democratically controlled Congress but did not go into effect until Jan. 31st, 2005. So no the Republicans did not vote for it.”

    I did not know that, thanks. Still, what prevented the GOP from removing this provision from the books once they came to power since it was such an obviously bad law?

  8. Oct
    1
    10:27
    AM
    Benaiah

    Pandora’s box. It is very hard to take away a bad law. Especially one that makes loans to lower income people easier.

  9. Oct
    1
    10:30
    AM
    Mike

    “It is very hard to take away a bad law. Especially one that makes loans to lower income people easier.”

    You mean it is hard to muster the political will to remove socialist laws from the books, even when in 1995 the public overwhelming approves of doing so. Now the consequences of failing to act then are being felt by all of us, which is precisely why the GOP is no longer in power, when they had their chance to prevent things like this, they blinked, afraid of losing elections which they ended up losing regardless.

  10. Oct
    1
    11:06
    AM
    Benaiah

    David I am not saying the Republicans do not share any culpability. But this legislation and this mess can and should be placed on the heads of the Democrats.

    Bill Clinton admits it as well. Look at McCains most recent ad.

  11. Oct
    1
    11:08
    AM
    Benaiah

    Mike, I agree, but you must have a political will to do so. Republicans do not have it.

  12. Oct
    1
    11:27
    AM
    Mike

    It’s a shame too, they are in the unique position right now of being able to do a great good by following their principles, though too many are jumping ship.

  13. Oct
    5
    12:42
    PM
    DavidShiffman

    Everyone needs to check out this SNL video about the bailout. It makes fun of all sides equally and is quite entertaining.

    http://www.nbc.com/Saturday_Night_Live/video/clips/c-span-bailout/727521/

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